五粮液派息除权案例

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1、CORPORATEFINANCEInternationalFinanceCollegeLanYuPing(AssociateProfessor)Chapter14DividendsandDividendPolicyKeyConceptsandSkillsUnderstanddividendtypesandhowtheyarepaidUnderstandtheissuessurroundingdividendpolicydecisionsUnderstandthedifferencebetweencashandstockdividendsUnderstandwhysharerep

2、urchasesareanalternativetodividends214ChapterOutline14.1CashDividendsandDividendPayment14.2DoesDividendPolicyMatter?14.3EstablishingaDividendPolicy14.4StockRepurchase:AnAlternativetoCashDividends14.5StockDividendsandStockSplits314.1DividendsTypes“Twohandedlawyer”problemP420Payhighdividends?P

3、aylowdividends?414.1.1CashDividendsRegularcashdividend–cashpaymentsmadedirectlytostockholders,sometimeseachquarterExtracashdividend–indicationthatthe“extra”amountmaynotberepeatedinthefutureSpecialcashdividend–similartoextradividend,butdefinitelywon’tberepeatedLiquidatingdividend–someoralloft

4、hebusinesshasbeensold5五粮液派息除权案例分红年度│　　　　分红方案说明　　　　│每股收│　　　　重点提示│　　　　　　　　　　　　　　│益(元)│─────┼──────────────┼───┼──────────2006-12-31│以总股本2711404800股为基数，│0.432│公布日期:2007-04-25│向全体股东10派人民币0.60元(││股权登记日:2007-04-30│含税)(税后0.140元)送4股　　│　　　│除权除息日:2007-05-08│　　　　　　　　　　　　　　│　　　│股息到帐日:2007-05-08│　　　　　　　　

5、　　　　　　│　　　│红股上市日:2007-05-086714.1.2DividendPaymentTradingandsettlementdate-T+2?DeclarationDate–BoarddeclaresthedividendanditbecomesaliabilityofthefirmEx-dividendDate(除权日Ex:无权得到，不包括)OccurstwobusinessdaysbeforedateofrecordIfyoubuystockonorafterthisdate,youwillnotreceivethedividendStockpricegen

6、erallydropsbyabouttheamountofthedividendDateofRecord–HoldersofrecordaredeterminedandtheywillreceivethedividendpaymentDateofPayment–checksaremailed8Figure14.2TheEx-DayPriceDrop914.2DoesDividendPolicyMatter?Dividendsmatter–thevalueofthestockisbasedonthepresentvalueofexpectedfuturedividendsDivi

7、dendpolicymaynotmatterDividendpolicyisthedecisiontopaydividendsversusretainingfundstoreinvestinthefirmIntheory,ifthefirmreinvestscapitalnow,itwillgrowandcanpayhigherdividendsinthefuture1014.2.1IllustrationofIrrelevanceExampleonP423-424Whartonisall-